Things To Think About When Buying Your First Home

Whether you’ve rented for a while or are ready to finally move out from your parents’ humble abode, new homeowners need as much as advice as possible when venturing onto the property ladder. You’ve scrimped and saved, are ready to place a worthy deposit and have taken a fancy to a couple of flats or houses in your chosen area, so now you might be itching to start the process. But, before you do, here are some tips and advice to consider from property law and conveyancing experts.

Consider the time it takes

From property searching to offers, exchanges and sales, the buying process can take anything from three months to a year or more. Be prepared for turnarounds quicker than you expected or be ready to twiddle your thumbs patiently. With sudden changes along the chain that can hinder or speed up a process, it can be a very unpredictable time but definitely worth every second.

Beware of gazumping and gazanging

Both these words may sound like complete nonsense to you, but these are actual terms used in the property market and could end up happening to you. 

Gazumping is the term for when a seller accepts an offer from a potential buyer, but then accepts a higher offer from someone else. The first buyer may be left confused and has to decide whether to make a higher offer on the house or accept that they’ve lost and move on. 

Gazanging is when the seller agrees on a sale but decides to remain in their property and leave the buyer “hanging”. This is becoming increasingly common due to the property market and uncertain economy – sellers sometimes get cold feet and more and more buyers are finding themselves “gazanged”.

Research your mortgage options

As you probably already know, a mortgage is a legal agreement and loan taken out with a bank or building society to buy a property, which is secured against the value of your home until it is paid off. There are many different mortgage lenders around from banks to specialist companies, but always compare quotes and rates first. 

Your deposit will be about 10% of the property worth (or 5%, as a first-time buyer), but you’ll have to pay the 90% of the property back over time and there are things to consider. First, decide on whether you want a fixed rate or variable rate mortgage: where the interest rate can be fixed for two to five years or change year on year. Another thing to think about is the number of years; from 5-year mortgages to 40-year mortgages, each has their pros and cons

Hire a conveyancing solicitor

Buying your first home can be a strange and alien process, not to mention the amount of paperwork can be insanely confusing. Make sure you get help and advice from a conveyancing solicitor before tackling the market alone, as you could be trapped in all the property pitfalls.At Smalleys Solicitors in Nottingham, we can provide comprehensive support in the conveyancing process, to ensure you get the house of your dreams with no issues. Contact us today for more information.